MNI BRIEF: Fed’s Beige Book Points To ‘Modest Growth’

U.S. economic growth has been modest since mid-July while hiring and inflation have softened, the Federal Reserve’s Beige Book report published Wednesday showed.

“Contacts from most Districts indicated economic growth was modest during July and August,” the report said. “Job growth was subdued across the nation. Though hiring slowed, most districts indicated imbalances persisted in the labor market as the availability of skilled workers and the number of applicants remained constrained.”

The Fed said most of its districts reported price growth slowed overall and inflation decelerated faster in manufacturing and consumer goods sectors.